All Forum Posts by: Andrew R. Lucas

@Christopher Tinsley Here is a simple example:  

I had a property go from $700 a year to $2,000 a year when I moved out and went to 6%.  

@Christopher Tinsley The southeast side is just closer to all of the bases.  The northeast area is great too because the schools are better.  Both areas have their pros and cons.  You may need to visit to figure the best for your family.  

@Christopher Tinsley Columbia is one of the most Military friendly cities in America!  If you look on Southeast side of town you can have your pick of military renters.  That area has Ft Jackson, Shaw, McIntire, and the Marine base out Leesburg rd (can't remember name).  You could even pull students from the Medical school as well.  

Sumter is not bad, because they are adding tons of manufacturing jobs just outside the town.  However, the town as a whole is much smaller than Columbia.  That could mean better deals for you :)

Stay away from Camden as an investment.  Great town. Love the place but bad for rentals.  

@Carter Bushman The reason you are seeing a lot of for sale signs in Irmo and Chapin is because the VC Summer Nuclear Power Plant just quit construction on 2 reactors. That was a Huge employer and many of those workers had bought homes in Irmo and Chapin. The week that they announced the shut down we saw over 100 homes hit the MLS.

That being said, the area is still very popular.  So this may be a good time to get a good price.  

Great Insight @Will Gaston!

Yes we have an oversupply of college apartments already.  The Bluff road apts are renting to section 8 and Copper Beach went into receivership.  

I personally decided to branch out of student rentals when I saw all of the apartments coming up. I was worried about losing my supply. However, like you say, there is something different about living in a SFH or Duplex that keeps these rented while the apartments go 60% full.

I also believe those apartments cannot handle the huge influx of turnover during the summer.  They are hiring inexperienced leasing agents that are asked to do a 80% turnover in a 10 week timeline.  That is leaving the apartments in worse shape every year, and causing them to miss the students that are looking.  

@Steven M. Hughes I hope you get too many responses to handle!!  Think about me for properties around Columbia.  Good Luck :)

I don't think so, but it's a good idea.

@Kim Puckett I'm paying 10% and no placement fees.  

@Marvin S. when will you have the addresses for these properties?  I'd like to know when you do. 

@Will Gaston

I think i've got your numbers right.  Your total cost of this financing would have been around $82k after you pay the balloon.  Using that I used the Present Value of that money less what you have already paid toward the loan.  

I would suggest an offer below $44k.  At $44k you could get a new loan at 4.25% and still break even.  Hope that helps!